Oil Hits $134

Crude oil contracts for December 2016 delivery rose more than $20 a barrel (17%) after Goldman Sachs 16 raised its outlook to $141 a barrel for the second-half of 2008.

July crude oil rose $1, or 0.8 percent, to $134.17 a barrel at 9:04 a.m. in Sydney in after-hours trading on the NYMEX.

Chart note: The iPath Crude Oil Total Return Index is up more than 50% since February.